The video surveillance market is estimated to grow from USD 36.89 Billion in 2018 to USD 68.34 Billion by 2023, growing at a CAGR of 13.1% between 2018 and 2023.

The growth of this market can be attributed to the increasing concerns for public safety and security, rising adoption of IP cameras, and growing demand for DIY and spy cameras.

This report segments the video surveillance market on the basis of system, offering, vertical, and region. The video surveillance market based on systems has been segmented into analog video surveillance systems and IP video surveillance systems. The market for IP video surveillance systems is expected to grow at a higher CAGR between 2018 and 2023. The market for IP video surveillance systems is expected to grow at a rapid pace in the near future owing to the technological advancements in IP cameras and advantages offered by IP cameras such as superior image quality, scalability, and flexibility, and reliability.

The video surveillance market based on offerings has been segmented into hardware, software, and services. The hardware segment is expected to dominate the video surveillance market during the forecast period. The hardware segment consists of cameras, monitors, storage devices, and accessories. The hardware segment mainly consists of cameras, monitors, storages, and accessories. The growth of the hardware segment is attributed to the increasing use of cameras in various security-related applications.

The video surveillance market based on verticals has been segmented into commercial, infrastructure, military and defense, residential, public facility, and industrial. The market for the commercial vertical is expected to grow at the highest CAGR during the forecast period. The growth of this vertical is attributed to the increasing use of video surveillance systems in applications such as retail stores and malls, enterprise and data centers, banking and financial buildings, hospitality centers, and warehouses.

Retail stores and malls are likely to be the fastest-growing applications in the video surveillance market. Retail shops and malls are more prone to security risks, such as theft, accidental loss, product diversion, vandalism, and inventory loss, compared to other business properties.